The Ministry of Health estimated the market at US$6.9 billion in 2021 while BMI Research forecast the market to reach $16.1 billion in 2026 with a compound growth rate of up to 11 per cent.
The winds of change are blowing through Viet Nam’s pharmaceutical retail industry with giants wrapping up investments to establish modern retail chains in a fast-growing market
While a number of foreign companies have moved part of their production or orders to other countries, many said they still see Viet Nam as a good location for investment in the long term.
Viet Nam’s pharmaceutical market is estimated to record revenue of US$5.2 billion in 2017, a 10 per cent increase from last year. The market is set for double digit growth within the next five years.